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Financial Highlights
 9 Months Ended
Sep. 30, 2025
Investment Company [Abstract]  
Financial Highlights Financial Highlights
The following information sets forth the Company's financial highlights for the nine months ended September 30, 2025 and September 30, 2024:
 Nine Months Ended
 September 30, 2025September 30, 2024
Per share data(1):  
Net asset value, January 1, 2025 and January 1, 2024, respectively$12.55 $12.87 
Net investment income0.96 1.05 
Net realized and unrealized losses(2)(0.56)(0.26)
Total net increase0.40 0.79 
Repurchases of common stock0.07 — 
Distributions declared to stockholders from net investment income(0.96)(1.04)
Net asset value, September 30, 2025 and September 30, 2024, respectively$12.06 $12.62 
Per share market value, September 30, 2025 and September 30, 2024, respectively$9.64 $11.98 
Total return based on market value(3)(6.24)%2.40 %
Total return based on net asset value(4)3.86 %6.32 %
Shares outstanding at end of period104,189,336 107,851,415 
Average weighted shares outstanding for the period107,199,318 106,140,789 
Average net assets for the period$1,329,882 1,357,569 
Ratio to average net assets(5):  
Net investment income10.35 %10.93 %
Total expenses, before waivers/reimbursements15.62 %16.90 %
Total expenses, net of waivers/reimbursements14.72 %16.63 %
Average debt outstanding—Unsecured Notes$990,000 $676,414 
Average debt outstanding—Holdings Credit Facility285,184 364,418 
Average debt outstanding—SBA-guaranteed debentures263,319 300,000 
Average debt outstanding—2022 Convertible Notes259,022 260,000 
Average debt outstanding—NMFC Credit Facility(6)29,879 79,969 
Average debt outstanding—DB Credit Facility (7)— 182,364 
Average debt outstanding—NMNLC Credit Facility II (8)— 2,341 
Asset coverage ratio(9)179.09 %179.18 %
Portfolio turnover12.18 %17.99 %
(1)Per share data is based on weighted average shares outstanding for the respective period (except for distributions declared to stockholders, which is based on actual rate per share).
(2)Includes the accretive effect of common stock issuances per share, which for the nine months ended September 30, 2025 and September 30, 2024 was $0.00 and $(0.02), respectively
(3)Total return is calculated assuming a purchase of common stock at the opening of the first day of the year and a sale on the closing of the last business day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at prices obtained under the Company’s dividend reinvestment plan. Total return does not reflect sales load.
(4)Total return is calculated assuming a purchase at net asset value on the opening of the first day of the year and a sale at net asset value on the last day of the period. Dividends and distributions, if any, are assumed for purposes of this calculation, to be reinvested at the net asset value on the last day of the respective quarter. Total return does not reflect sales load.
(5)Interim periods are annualized.
(6)Under the NMFC Credit Facility, the Company may borrow in U.S. dollars or certain other permitted currencies. As of September 30, 2025 and September 30, 2024, the Company had borrowings denominated in EUR of €16,512 and €17,400, respectively, and borrowings denominated in GBP of £8,666 and £26,650, respectively, that have been converted to U.S. dollars.
(7)On September 30, 2024, the Company repaid all amounts outstanding under the DB Credit Facility, including outstanding borrowings and accrued interest, and terminated the DB Credit Facility.
(8)On November 22, 2024, the Company repaid all amounts outstanding under the NMNLC Credit Facility II, including outstanding borrowings and accrued interest, and terminated the NMNLC Credit Facility II.
(9)On November 5, 2014, the Company received exemptive relief from the SEC allowing the Company to modify the asset coverage requirement to exclude the SBA-guaranteed debentures from this calculation.